<h1 style="text-align:center;">Real Stories of Real Investments</h1>One of RENEW's core beliefs is that great businesses are the engines of a thriving economy. Over the past year, RENEW 's Impact Angel Network has invested in three incredible businesses in Ethiopia. We believe that investing in these businesses and others like it will create the engine that lifts nations out of poverty.<figure class="media"><oembed url="https://youtu.be/KXJfBFJXoPQ"></oembed></figure>To celebrate these successes, we've created a short video that tells part of the story of each entrepreneur. Celebrate with RENEW, the Impact Angel Network and the entrepreneurs behind these growing companies by watching their stories unfold.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Watch a video that tells the story of three investments that RENEW's Impact Angel Network made in the last year.

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Real Stories of Real Investments

<h1 style="text-align:center;">3 Reasons It's Time for Angel Investors to Go Global</h1>Times are changing - Markets around the world are opening up, technology is shrinking 3,000 miles to 30 miles, and angel investing is the new "VC". At RENEW, we think it's time for U.S. angel investors to start going global. Here's why:<figure class="image"><img src="/uploads/renew_banners_connect_grow_1_2296e046e9.jpg"></figure>1. The risk return profile of frontier markets is changing. Small, mid-size and large companies across sub-Saharan Africa are sprouting up to meet growing domestic and international demand. Per the IMF, “the same crucial developments that presaged the arrival of institutional financial investors in emerging markets in the 1980s are taking place in parts of sub-Saharan Africa today—growth is taking off, the private sector is the key driver of that growth.”* Local companies are starved for capital as their financial markets scramble to keep up. This presents a good opportunity for investors to enter into regions where valuations are low. Still, investors must be very cautious. Do your due diligence, partner with people you trust, and know what you are getting into. This is the Wild West.2. Thankfully, frontier markets like Ethiopia, Kenya and Rwanda are more accessible through Western firms that have offices in these countries. Whether it is large institutional players or boutique investment firms, Western investors can find investment professionals working out of offices in Addis Ababa, Nairobi and Accra. In Ethiopia, where RENEW has an office, we offer our angel investors a full, turnkey, in-country investment service. This is encouraging news for investors since “sub-Saharan Africa is expected to continue being the second fastest growing region in the world” with growth rates at around 5% in 2014, and expected rates at 5.75% for 2015.**3. You receive two returns. When you invest in an ethically run company a frontier market, you have the chance of making both a financial return and significant social returns. You can receive the same in developed markets, but the dollar does go a lot farther in countries where wages are low. Last year, RENEW's angels created over 500 jobs. Their investments also help stabilize the economy by generating taxes to offset foreign aid, and bring in hard currency to help stabilize inflation.So, when you find yourself looking for that next big thing or an exciting venture to take on, consider joining the ranks of rock stars like <a href="http://blogs.wsj.com/briefly/2015/03/30/why-private-equity-is-moving-into-ethiopia-at-a-glance/">Bob Geldof</a> and war heroes like <a href="http://media.kkr.com/media/media_releasedetail.cfm?ReleaseID=852684">David Petraeus</a>, and invest in frontier markets like Ethiopia.We welcome U.S. angels to participate in the discussion on angels going global at our May 1 National Gathering in Washington, D.C. Please contact a RENEW team member at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> to find out more.

At RENEW, we think it's time for U.S. angel investors to think about going global...

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3 Reasons It's Time for Angel Investors to Go Global

<h1 style="text-align:center;">Mama Fresh Re-launches its Brand in the U.S. Market</h1>Mama Fresh Injera PLC, an Ethiopian company that is the largest commercial manufacturer and exporter of fresh-baked injera in Ethiopia, has re-launched its brand in the U.S. market and is now exporting injera and other Mama Fresh products to the United States.Injera is a staple bread of Ethiopian cuisine made from teff, a gluten-free, ancient grain. The Mama Fresh product line also includes other Ethiopian staples such as berbere, kocho, mitmita, shero, duro wat, and a variety of other products and spices. Mama Fresh products are now being distributed throughout the Washington, D.C, Virginia, and Maryland areas at local shops and restaurants.The owners of Mama Fresh, husband and wife team Hailu Tessema and Konjit Zewdie, are in the Washington, D.C. metro area through May 9, 2014 for a launch event with Mama Fresh investors and customers of Mama Fresh. The launch event on Saturday, May 3, 2014, will feature Mama Fresh products and provide a chance for customers and investors to meet.Investors in Mama Fresh, who are members of RENEW’s Impact Angel Network, will also be present at the event. RENEW LLC, based in Washington. D.C. and Addis Ababa, Ethiopia, introduced the U.S.-based investors to Mama Fresh on various trips to Ethiopia in 2012 and 2013. RENEW supports a global network of accredited angel investors dedicated to making positive social and financial returns on their investments.Mama Fresh sources teff from hundreds of smallholder farmers and employs more than 90 men and women in the company’s bakeries and kitchens. The company sells products domestically in Ethiopia and currently exports to Germany, Sweden, Norway, Nigeria and the United States. To find out more, visit <a href="http://www.mama-fresh.com/">www.mama-fresh.com</a>.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more.

Renew Capital Angels invested in Mama Fresh Injera, a commercial manufacturer and exporter of fresh-baked injera and spices. Injera is a staple bread of Ethiopian cuisine and is made from teff, a gluten-free grain.

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Mama Fresh.avif

Mama Fresh Injera will hold a launch event in Washington, D.C., this Saturday.

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Mama Fresh Re-launches its Brand in the U.S. Market

<h1 style="text-align:center;">Industry Profile: The Dairy Industry</h1><figure class="image image-style-align-center image_resized" style="width:33.22%;"><img src="/uploads/ethiopia_feb_26_to_mar_4_2012_268_c378a92ee7.jpg"></figure>Ethiopia seems to have significant potential for dairy development due to its large livestock population (10 million cattle produce meat and milk), favorable climate for improved, high-yielding animal breeds, and relatively disease-free environment. Despite having the largest livestock population in Africa, Ethiopia’s milk production is relatively low. Additionally, increasing demand for milk and milk products from a growing population offers an opportunity for milk producers and processing cooperatives to increase productivity.*Even though the general milk production and consumption in the country is still minimal, the milk market networks seem to be improving in the past few years. Findings showed that milk cooperatives were the dominant milk buyers from producers. Recently, milk cooperatives have been increasing in number in Ethiopia.*The dairy sector in Ethiopia seems to be characterized by the transition towards a market-oriented economy and appears to be moving towards a takeoff stage. Consumers are also getting the products at their doors or in shops specialized in supplying dairy products. Cooperatives and unions established for these purposes are playing a crucial role in changing the marketing landscape of the sector.*This shift towards a market economy is creating large opportunities for private investment in urban and semi-urban dairying. As a result, significant development interventions for the industry aimed at addressing both technological gaps and marketing problems are being practiced in the country. Other factors also support the promotion of private investment to introduce new technology in the sector including improved genotypes, feed and processing, and integration of crossbred cattle into the smallholder sector.*The dairy sector in Ethiopia is expected to continue to grow over the next decade as the growth in demand for dairy products increases.*The New Agriculturist, Boosting Ethiopia’s small-scale dairy industry, August 2011 *ILRI, Sustainable Livestock Digest, Diary intensification and milk market quality in Amhara Region, Ethiopia, December 2011 *Ethiopian Business Review, Milk Market New Actors In the Milk Supply Chain Are Changing The Market For Good 2013-2014 *International Food Policy Research Institute, Dairy Development in Ethiopia, October 2004

Ethiopia seems to have significant potential for dairy development.

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Industry Profile: The Dairy Industry

<h1 style="text-align:center;">Successful Mama Fresh Launch Event</h1>The RENEW and Mama Fresh teams hosted a successful launch of Mama Fresh &amp; the Teff Chef in Washington, D.C. last week. The owners of Mama Fresh, husband and wife team Hailu and Konjit, traveled from Ethiopia to help prepare and serve an estimated 3,000 people at the Ethiopian Embassy as part of Washington D.C.'s Passport D.C. event. Other participants included Ethiopian Airways and <a href="http://soomfoods.com/">Soom Foods</a>, a company producing tahini from Humera sesame.The event was a huge success to unveil the new Mama Fresh brand and website (<a href="http://www.mama-fresh.com/">www.mama-fresh.com</a>). A number of investors attended the event and then went on a tour of the city to meet with MFTC's customers and hand out free samples and marketing materials. The night ended with an event for investors, other stakeholders, and store owners at a local Ethiopian restaurant.<figure class="image"><img src="/uploads/2014_mama_fresh_embassy_event_7804d1097b.jpg"></figure>

RENEW and Mama Fresh host an event to celebrate Mama Fresh's re-launch in the D.C. market.

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Successful Mama Fresh Launch Event

<h1 style="text-align:center;">USAID-PRIME Partnership</h1>&nbsp;USAID–PRIME &amp; RENEW PRIVATE EQUITY LEVERAGING SERVICE<figure class="image image-style-align-center image_resized" style="width:31.49%;"><img src="/uploads/usaid_320b42b268.jpg"></figure>A growing school of thought proposes that small- to medium-size enterprises (SMEs) in developing countries are key drivers of long-term stability and growth. By providing jobs, paying taxes, and producing, buying and selling local goods and services, SMEs act as the backbone or engine of an economy.<figure class="image image-style-align-center"><img src="/uploads/screen_shot_2014_05_22_at_10_54_28_am_62e7c3a628.png"></figure>Unfortunately, SMEs struggle to grow in many developing countries, and as a result, microbusinesses and large conglomerates dominate the country’s economic pyramid. While the excitement for SMEs is there, both from public and private sector actors, most government-led SME projects are underperforming, and few if any investments are being made into SMEs in developing countries by private investors. RENEW is pioneering an innovative public private partnership model that stimulates direct investments into promising SMEs. RENEW recently partnered with Mercy Corps, an international non-governmental organization operating in Ethiopia since 2004, to implement a novel approach that leverages the private sector to create sustainable economic development.Joining the resources of the U.S. President’s Feed the Future and Global Climate Change Initiatives, the U.S. Agency for International Development (USAID) launched the Pastoralist Areas Resilience Improvement through Market Expansion (PRIME) project in 2012 to respond to increasing pressures on pastoralist livelihoods. Mercy Corps leads the implementation of the project valued at $52M along with international and Ethiopian partners. Under the Mercy Corps-led consortium, the project aims to stimulate increased production, productivity and marketing through more competitive livestock and livestock products markets; increase communities’ ability to adapt to a changing climate; significantly improve alternative livelihood options through essential skills transfer and contribute to the wider knowledge on pastoral development. PRIME is operating across 30 woredas (counties) in three strategic clusters in the Afar, Oromia, and Somali regions of Ethiopia. PRIME has allocated resources to encourage private equity investment in livestock and other related sectors in the targeted regions of Ethiopia. The goal of this activity is to leverage private sector equity financing for investment in promising Ethiopian livestock sector-related ventures facing capital constraints. The PRIME project will use facilitation and co-investment rather than direct implementation and handouts as the project modality, because project leaders believe this approach has the best potential for sustainable growth in line with the Ethiopian Government’s Growth and Transformation Plan.The public private partnership model – where the interests of the development community so clearly align with the local private sector and the investment community – represents a new field of development that is rapidly growing. The type of financing RENEW and PRIME are helping mobilize – broadly called impact investments – is growing as an investment class, offering investors opportunities to create sustainable social impact and financial returns through investments in companies that operate in high impact and fast growing countries such as Ethiopia. These trends, along with Ethiopia's rapidly expanding private sector, could help position PRIME to be a flagship project in the development sector.&nbsp;&nbsp;

USAID, PRIME and RENEW partner in Ethiopia.

USAID-PRIME Partnership

<h1 style="text-align:center;">Steady the Course, Ethiopia</h1>There is an allegory that goes something like this: A group of people walking along a riverbank sees people drowning in a river and rushes down to help. Soon others rush in to pull people out of the river. These heroes risk their lives to save what seems like an endless number of drowning victims coming towards them. Then another group starts walking upstream. Those pulling people out of the river ask where they are going. They say, “to stop people from falling in.”Some of you may have heard this allegory before. While a little oversimplified, I find it helps me stay focused and not become caught up in the emotional frenzy of certain situations - for example, Ethiopia where the country is going through another drought. As an impact investor in Ethiopia, it can sometimes be tempting to rush down to the riverbank, versus steadying the course to fix the issues causing people to fall in.<figure class="image"><img src="/uploads/steady_the_course1_e6b86fff1f.jpg"></figure>The River: Scientists report that El Niño, a cyclical climate event that can cause drastic shifts in normal weather patterns, is creating drought conditions here in Ethiopia.* While Ethiopia is industrializing, its economy is still largely agrarian, especially in rural parts of the country. As of 2015, Ethiopia’s agricultural sector generate 41.4% of the country’s GDP and 85% of employment.** Agricultural actors are not major commercial farms with sophisticated irrigation systems that can tap Ethiopia’s vast water reserves thousands of meters below the surface. Rather, these are small farmers managing their own plots of land, relying on predictable weather patterns to plant, water and harvest their crops. When the climate changes, as is the case during El Niño years, the rains are neither as long nor as heavy, and yields decrease. In severe cases, families are not able to make an income from their harvest, or worse, they run out of food. They are the metaphorical victims in the river.The Heroes: Seeing this drought unfold, government and international aid organizations mobilize the international community to rush down to the river and begin pulling people out. In an ideal situation, this would be efficient and perfectly coordinated. Food would be shipped into the worst hit areas, and people suffering from the drought would receive much-needed, but temporary relief. However, in less developed countries, infrastructure issues can muck this up. Containers can be held up in poorly managed ports, import documentation is lost, trucks break down and food spoils.The Group Heading Upstream: So, why does this cycle seem to happen every seven to ten years? Where exactly are people falling into the river? How can the situation be fixed so that we no longer have to pull people out? It’s a challenging question to ask: “Who will step away from the riverbank and venture upstream to address the reason people are falling into the river in the first place?”The images of drought tug at my heartstrings, prompting action. However, the reason people continue to suffer on account of volatile weather – i.e., in terms of our analogy, falling in the river - is a lack of resilience. At the most basic level, this is evident in agricultural practices, but also more broadly in the agricultural economy, which lacks the technology, financing and diversity to weather the drought. The agricultural economy is the bridge Ethiopian farmers rely on to earn a living and sustain themselves, yet this bridge needs work before it is structurally sound. When it starts to give way in times of stress, causing victims to fall into the river, we need heroes to go down river and pull people out. This is critical, but not sufficient. We must also build a stronger bridge; a resilient agricultural economy.The Hole in the Bridge: At this point, I should clarify an assumption I am making about you, the reader: this is, that you believe many of the challenges we experience in developing countries can be solved when the economy strengthens in an equitable way (i.e. not just a small group of wealthy elites, but a thriving private sector with many thousands of businesses of all sizes).If people are falling in the river because a bridge is failing, responders must fix the holes in the bridge in a lasting way, with stones and cement. In the case of Ethiopia, the “stones” are companies – lots of them, in all shapes and sizes - little ones, medium ones and big ones. Together, these companies make up a diversified, and therefore resilient private sector, providing jobs, generating tax revenue and lifting incomes of millions of people. Taxes pay for the “cement” of the bridge, or the infrastructure for wells, electricity and roads around the country. The teams working around the clock to build these companies are the bankers, investors, entrepreneurs, brokers, government leaders, development workers, construction and road crews, dam builders, policy reformers and tax collectors. These individuals know droughts will come and, thus, are preparing a bridge to withstand the challenge. They know they must steady the course.To the heroes - those in Ethiopia and in the international community that are responding to the drought, we thank you. It is both deeply important and critical you are there. And in this time of emotion, let’s also remember to keep on building that bridge – to invest in the thriving, varied economy that will withstand the next challenge. Steady the course, builders! We are in this together.*<a href="http://www.bbc.com/news/world-africa-36012217">BBC: Hunger in Ethiopia After Drought Exacerbated by El Nino</a> **<a href="https://www.cia.gov/library/publications/the-world-factbook/geos/et.html">CIA The World Factbook: Ethiopia</a>

In honor of both the rescue workers and hole fixers.

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Steady the Course, Ethiopia

<h1 style="text-align:center;">RENEW Builds Ethiopia Financial Industry Experts</h1>We are excited to announce that RENEW’s analysts, <a href="https://renewcapital.com/team/berkessa-behailu">Berkessa Behailu</a>, <a href="https://renewcapital.com/team/lulit-negash">Lulit Negash</a> and <a href="https://renewcapital.com/team/bethlehem-bogale">Bethlehem Bogale</a>, have completed the CFA Institute’s Claritas Program and are now official Claritas investment certificate holders.According to the CFA Institute’s website, the Claritas Program “covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.”* The program entails approximately 100 hours of self-guided studying and prep work before taking a two-hour certificate exam, all within a six month time period.<figure class="image"><img src="/uploads/dsc_0707_2_11496aed22.jpg"></figure>I discussed the exam experience with Berkessa, Betty and Lulit recently:1) What was your motivation for registering for the Claritas Program and taking the investment certification exam? Berke: I've worked in the investment and consulting world for about six years now. My background is in business administration. Though I went through the basic trainings of market research and investment analysis, my skills are mostly developed through on the job experience. I wanted to assess if how I look at markets and analyze investments is in accordance with best practices used in more developed markets. Registering for Claritas program was the easiest way to assess my skills. Lulit: My motivation was to know more about the investment world and compare what is happening in the world with Ethiopia and how RENEW operates. Betty: I registered for the program because I wanted to understand more about the investment industry.2) Do you feel that you gained new knowledge from your prep work, and how is it applicable to your job at RENEW? Berke: Yes. In addition to being a refresher for the courses I took in college on financial analysis, Claritas has taught me new concepts about investment management, risk assessment, quantitative analysis and valuation. This directly relates to my job at RENEW as an analyst. It has enabled me to be more focused, detailed oriented and analytic in the analysis process, and evaluate investment opportunities more rigorously. I’ve added new tools and instruments in my assessment and can use additional ratios and indicators. Furthermore, even though it’s not yet applicable in Ethiopia, I’ve gained new knowledge of how the securities market functions, including the different players and their roles. It was quite interesting. Lulit: I have gained a good understanding of what investors look at while evaluating deals and what companies that are seeking investment should be doing in order to be successful. My work at RENEW is mainly focused on the portfolio companies, specifically growing the companies to generate returns for investors. So my studies supported how important it is for investment firms to help companies excel and generate positive returns for their investors. Betty: Yes, I did gain new knowledge. The prep work helped me to better understand the standard way of reporting to investors and have a deeper knowledge of the ethical standards I need to uphold as an investment analyst.3) What was the most difficult part in studying for the exam? Was it the self-guided studying or any of the industry concepts? And, how did you overcome those challenges? Berke: Overall, it wasn’t that difficult. But learning about investment structures and markets, which are not yet developed in Ethiopia was a little confusing. But, exploring real-life examples and reading news articles and stories concerning the lessons showed me their practicality. I watch TV shows like Shark Tank and Suits; such shows help me to understand how the lessons in Claritas can be applied in real-life scenarios. Also, it’s been a few years since university, where I had to study for and take exams, so disciplining myself to concentrate and study for hours was a challenge. I was able to adapt after struggling for a while. In addition, I was loaded with work because we were going through a closing process for one of our recent investments. So, I took a few days off from work before my exam, and reviewed my studies and took mock exams. I’m happy it worked out well. Lulit: I didn't face major challenges in my studies, but it has taught me how to better manage my time between work and studying; it’s about being disciplined. Since most of the exam subjects were related to investing, I was able to relate the concepts and compare them with what we are doing at RENEW. So, working in the investment industry helped me get a clear understanding of the subject matter. Betty: Since I was already operating as a professional in the investment industry, there wasn't much challenge with the prep work. The studying was pretty much self-guided and the mock exams helped me in managing my time.4) How do you plan to use your deeper understanding of financial industry essentials in the future? Berke: I’ve already made a few developments in the way I build financial models, assess investment risks and calculate business valuations. I hope to continually improve my analysis skills and help our investors make well-informed investment decisions. Taking the Claritas program exam has taken me one step closer to achieving this goal. Lulit: I am very interested to know more about the investment industry now that I’ve had this exposure. I plan to continuously read investment reports, take courses and also implement what I have learned in my work to see it in action. Betty: I plan to use my knowledge by making sure we don't run into any conflicts of interest, while managing the clients and reporting financial statements in a standardized way.We are incredibly proud of Berkessa, Betty and Lulit, the future of Ethiopia’s finance industry. They all worked diligently for their Claritas Program certificates, and they are already implementing their hard earned knowledge everyday at RENEW.If you are interested in joining a team that strives to be their best selves and brings a diverse set of skills to the table, then be sure to reach out and inquire about three job openings in our Ethiopia office: junior project manager, junior analyst and counsel.**<a href="https://www.cfainstitute.org/programs/claritas/Pages/index.aspx">CFA Institute: Claritas Program</a>

A Q&A session with RENEW’s analysts on their recent accomplishments with the Claritas Program.

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RENEW Builds Ethiopia Financial Industry Experts

<h1 style="text-align:center;">METAD: More Than Just Great Coffee</h1><a href="http://metadplc.com/">METAD</a> is well known for its 100% organic coffee cherries - just ask the likes of <a href="http://www.klatchroasting.com/Hambela_Natural_p/eth_ham_nat.htm">Klatch Coffee</a>, <a href="http://www.royalcoffee.com/Products/0033700">Royal Coffee</a> and <a href="http://www.intelligentsiacoffee.com/product/coffee/benti-nenqa-ethiopia">Intelligentsia</a>. What many may not realize is that in addition to METAD producing great coffee, the company also creates enormous social impact in the local community.<figure class="image"><img src="/uploads/metad_social_blog_2016_46f8e1d3f8.jpg"></figure>Back in 2014, Aman Adinew and the METAD team began sponsoring a group of school students located near the Hambela farm, and they continue to provide the children with uniforms and subsidize the teachers’ salaries. Under Aman’s care, the school has grown from 400 students to more than 600, creating the need for the construction of a second school building - a project that METAD aims to lead and complete by Fall of 2016.&nbsp;METAD is also in the final stages of building a 400 square foot community center in a nearby village that will hold up to 1,000 people at a time. The building is in the final stages of construction and is slated to open in a few months time. The center will be used for community social gatherings, as well as part of METAD’s out-grower farmer training program, wherein the company trains thousands of local farmers on growing and harvesting best practices so they can achieve the best prices for their coffee yields.The RENEW team and the Impact Angel Network are proud to be a part of METAD's story.

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METAD is an Ethiopian specialty coffee company with a vision for crop-to-cup coffee. The Company has strengthened Ethiopia’s coffee brand in the international market, and helped local farmers improve the quality and value of their harvested crop.

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METAD produces more than just great coffee, the company also creates enormous social impact in Ethiopia